Section 50 IAC 25-3-1 - Applicability of model residence deductionAuthority: IC 6-1.1-12.6-9
Affected: IC 6-1.1-12.6
Sec. 1.
(a) The deduction from the assessed value of a model residence described in subsection (b) is applicable only to a model residence that is first assessed as a: (1) partially completed structure; or(2) fully completed structure; for the assessment date in 2009 or a later year.
(b) An owner of a qualified model residence is entitled to a deduction from the assessed value of the model residence in the amount of fifty percent (50%) of the assessed value of the model residence for:(1) not more than one (1) assessment date for which the model residence is assessed as a partially completed structure;(2) the assessment date for which the model residence is first assessed as a fully completed structure; and(3) the two (2) assessment dates that immediately follow the assessment date referred to in subdivision (2).Department of Local Government Finance; 50 IAC 25-3-1; filed Apr 15, 2009, 10:16 a.m.: 20090513-IR-050080755FRA